Mi 1045-2025

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The document is the Michigan Department of Treasury's Form MI-1045, which is an application for a Net Operating Loss (NOL) refund. It provides instructions for taxpayers to compute their NOL, redetermine their Michigan income tax, and adjust their NOL for household income. The form outlines the process for carrying back or forward NOLs, including relevant calculations and requirements for filing. It emphasizes that Michigan NOLs are calculated separately from federal NOLs and details the necessary documentation and deadlines for submission.

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Who files a corporate tax return?

Corporate employers must file returns and deposit the withheld income tax and the FICA tax with an authorized commercial bank depository or a Federal Reserve bank. The corporation is also required to annually furnish each employee with a statement of wages paid and taxes withheld during the previous calendar year.

Who needs to file a Michigan income tax return?

You must file a Michigan return if you file a federal return or your income exceeds your Michigan exemption allowance. A return must be filed even if you do not owe Michigan tax. Select the tax year link desired to display the list of forms available to download.

Is the Michigan NOL deduction on Schedule 1?

Michigan Net Operating Loss Carryforward deduction is claimed on Michigan Schedule 1. A completed Schedule MI-1045 for the loss year(s) and Form 5674 are required before an NOL carryforward deduction can be claimed. (Form 5603), is used to claim a refund from a farming loss carryback.

Who must file a Michigan corporate income tax return?

Corporate, financial institution and insurance company taxpayers that reasonably expect to have a liability of more than $800 for the tax year must make quarterly estimated payments and returns. Each payment must approximate the taxpayers tax liability for the quarter or 25% of estimated annual liability.

What is the statute of limitations on Form 1045?

Generally, you must file Form 1045 within 1 year after the end of the year in which an NOL, unused credit, net section 1256 contracts loss, or claim of right adjustment arose.

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Does an S Corp have to file a tax return in Michigan?

A C Corporation does not pay income tax. Its a little less straightforward for an S Corp, which will pay estimated taxes by filing an IRS Form 1120-S, which is the income tax return form for S Corps. Also, as the owner of an S Corp, youll need to make estimated payments on self-employment tax.

What is the $550 refund in Michigan?

The checks, averaging about $550, are for those who qualified for the Earned Income Tax Credit in 2022.

Who is exempt from Michigan state income tax?

For the 2024 income tax returns, the individual income tax rate for Michigan taxpayers is 4.25 percent, and the personal exemption is $5,600 for each taxpayer and dependent. An additional personal exemption is available if you are the parent of a stillborn child delivered in 2024.

Mi 1045-2025

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Got questions?

Who files a corporate tax return?

Who needs to file a Michigan income tax return?

Is the Michigan NOL deduction on Schedule 1?

Who must file a Michigan corporate income tax return?

What is the statute of limitations on Form 1045?

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People also ask

Does an S Corp have to file a tax return in Michigan?

What is the $550 refund in Michigan?

Who is exempt from Michigan state income tax?

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